Pacific General, a New York based investment firm specializing in consumer and industrials private equity investments with a cross-border value creation strategy (Image courtesy of Pacific General)
NEW YORK, Sept. 10 (Korea Bizwire) — Pacific General, a New York based investment firm specializing in consumer and industrials private equity investments with a cross-border value creation strategy, announced that it has sold its stake in Playa Bowls, the largest superfruit bowl franchise restaurant concept in the U.S., to Sycamore Partners.
Founded in 2014, Playa Bowls is the largest superfruit bowl brand in the U.S., with over 250 locations across 22 states. With its mission to promote a healthy lifestyle, Playa Bowls offers a variety of superfruit bowls along with smoothies and juices. The brand’s dedication to quality, coupled with its uniquely vibrant, surf-inspired aesthetic, has propelled its rapid growth and popularity across the country.
Beginning in December 2020, Pacific General developed a deep relationship with the founders, Robert Giuliani and Abby Taylor, discussing and strategizing how to grow and scale the business from its approximately 100 stores on East Coast at that time. In July 2021, Pacific General acquired the majority stake of Playa Bowls in partnership with Tamarix Equity Partners (“Tamarix”), a New York-based private equity firm. Under Pacific General and Tamarix ownership, Playa Bowls significantly accelerated its growth, adding over 150 franchise locations nationwide over 3 years, a substantial acceleration compared to the 6 years it took to reach 100 franchise stores prior to the acquisition.
Pacific General and Tamarix’s rigorous value creation initiatives were instrumental in achieving the growth. Since the investors’ acquisition, Playa Bowls further professionalized its management team by bringing industry veterans and institutionalized its corporate system to support its growth. Today, Playa Bowls has grown into a national category leader with a loyal customer base, strong brand identity, and strong franchise pipeline.
“The partnership with Pacific General and Tamarix has been truly transformative for Playa Bowls. Their support and expertise have been invaluable as we navigated our growth journey. I am proud of what we have achieved, and excited for the next chapter of Playa’s story,” said Robert Giuliani, Founder of Playa Bowls.
“Playa Bowls has grown to a national brand with a strong management team and corporate system today. Pacific General is proud to help achieve such growth during our investment period, and I am looking forward to watching Playa Bowls further accelerate its growth both domestically and internationally under Sycamore’s leadership,” said Matthew Yoon, Managing Partner of Pacific General.
“Playa Bowls is a prime example of our investment strategy in the QSR/franchise segment – identifying a category leader with a unique brand concept and solid unit economics, providing essential support in a partnership approach, and fully unlocking its growth potential. We are proud of the success Playa has achieved to date and look forward to seeing its continued growth,” said Dajeong Lee, Partner of Pacific General.
North Point served as the exclusive financial advisor to Playa Bowls in connection with the transaction. Skadden, Arps, Slate, Meagher & Flom LLP and Ice Miller LLP acted as legal counsel.
About Pacific General
Pacific General is an investment firm focusing on private equity and alternative investments. The firm specializes in originating, structuring, and investing in transactions, and leverages its cross-border expertise and network to create value. The firm operates with offices in New York and Seoul, South Korea with a presence in Riyadh, Saudi Arabia.
About Tamarix Equity Partners
Tamarix, founded in 1993, is a New York-based private equity firm that invests first institutional capital into family and founder-owned businesses. The Tamarix team has invested more than $1 billion since its inception. Tamarix Equity Partners seeks to build best-in-class companies in partnership with management teams, utilizing the firm’s experience, capital, and network to support accelerated growth strategies.
Contact: krosenthal@pacificgeneral.com
Source: Pacific General via GLOBE NEWSWIRE
